Don’t shoot me, I’m just the messenger. I bring tidings of woe not because I’m trying to rob you of your right to pursue a legal education; I’m trying to help you. Call me Elie Stormcrow.
Actually, today The Atlantic is the messenger reminding you of the serious financial peril involved in starting a legal career. The recession might be over but the recovery hasn’t happened for all. And we’re not just talking about the Occupy Wall Street people. No, no, things remain pretty bad for lawyers and bankers. Here’s the money quote from the Atlantic: “In 2011, finance, insurance, and law were the three primarily white-collar professions that managed to shed workers, even as the rest of the economy trudged forward through a slow recovery.”
Yeah folks, even in 2011, the legal economy was still shedding jobs. But it’s not like law schools were spitting out fewer graduates, so… you do the math.
Here, the Atlantic has put things in a fancy chart. Pictures people, it’ll be like an LSAT game: how many people made a terrible investment in higher education?
But instead of combating 2011’s annus horribilis for law schools by calling for reform, Robinson is defending the ABA’s role, stating that young lawyers “should have known what they were getting into.”
Isn’t it wonderful to know that the man in charge of the ABA is essentially playing the “blame the victim” card when it comes to debt-saddled and unemployed law school graduates?
* Merry Christmas! House Republicans will get one less lump of coal in their stockings this year after accepting a two-month extension of unemployment benefits and payroll tax cuts. [New York Times]
* Another birther lawsuit has been thrown out, but Orly Taitz won’t be stopped. She’s like the Energizer Bunny of questionable litigation. She’ll keep appealing, and appealing, and appealing… [Los Angeles Times]
* John Edwards is trying to delay his criminal trial, claiming to have a mystery medical diagnosis. What kind of disease does karma hand you for cheating on your sick wife? [New York Daily News]
The Occupy movement has reached the legal profession, with an unemployed law graduate launching a campaign to occupy the Inns of Court (London’s legal quarter).
“Through no fault of our own, a generation of [law school] graduates find ourselves with no jobs — or no jobs as lawyers anyway,” wrote the graduate under the alias “OccupyTheInns” on Legal Cheek, a blog I edit. “The lucky ones are paralegals. The unlucky ones work in bars (not the Bar)… It is for these reasons that I propose peaceful direct action. It is time to occupy the Inns of Court.”
Responses to the plan have mostly been negative, but the broad sentiment of discontent has struck a chord. Catrin Griffiths, editor of The Lawyer magazine, summed up the mood: “I don’t buy much of [OccupyTheInns'] argument, which smacks too much of entitlement, but it signifies something bigger, related to the growing crisis of a million young people unemployed in the U.K.”
However, even with our spiralling unemployment rates, and love of protesting, I’d be surprised if an occupation of legal London took off. While many U.K. law school graduates are jobless and indebted, most still have a decent shot of making it into the profession. As such, they have too much to lose by winding up the establishment.
Maybe OccupyTheInns should instead re-direct their energies to recruiting the potentially far more vulnerable, high-earning, senior lawyers who look set to lose their jobs over the next few months?
When news emerged last week that the Wall Street protests were spreading to London, I dared to dream. Maybe I could inculcate myself among the protesters, I wondered, and persuade their leaders to target a Biglaw firm rather than a bank. Then, I fantasized, having obtained the relevant door-code from one of my disgruntled Biglaw contacts, perhaps I could lead the protesters inside to set up an encampment. At which point, I hallucinated, I’d be able to live-tweet my experiences and, as the only journalist on the scene, become a star.
Disappointingly, it didn’t work out that way. The protesters proved frustratingly unmoved by my suggestions that they target a law firm. Instead, they tried to occupy the square in front of the London Stock Exchange. Prevented from doing so by the police, they ended up milling around the adjoining forecourt of St. Paul’s Cathedral, where their hard-core was diluted by confused tourists. What the New York Times accurately described as “a picnic atmosphere” prevailed, with “people streaming in and out of a nearby Starbucks.”
Even an appearance by Wikileaks founder Julian Assange — who arrived mid-afternoon wearing a Guy Fawkes mask to deliver a sermon on the steps of St. Paul’s — wasn’t enough to kick-start some proper rebellion. Indeed, with his claim that the Occupy Wall Street/London Stock Exchange movement “is not about the destruction of law, but the construction of law,” Assange sounded less like a revolutionary, and more a regulatory expert in the U.K. on a business trip….
According to the Department of Labor, 14 million people in our country are unemployed. And with a surplus of lawyers that reaches into the thousands in almost every state, unemployment is a serious problem for the legal profession.
Unfortunately, we all know that Biglaw firms — and surely other firms, as well — are avoiding these attorneys like the plague. We spoke about this industry-wide issue back in late 2009, noting that Biglaw firms weren’t exactly keen on hiring associates that had previously been laid off. In fact, one recruiter we spoke with told us that approximately 80 percent of employers specifically requested résumés from attorneys who are still employed.
Facing these seemingly insurmountable odds, what’s an unemployed attorney to do? As it turns out, President Obama wants to lend a hand, but only if he can get Congress to pass this jobs bill….
Back in June, when we spoke about the latest job data from NALP, it became clear that the class of 2010 — my graduating class — had some of the worst employment outcomes of the last 20 years. We knew this because of the way NALP categorized its data, differentiating between jobs that require and don’t require bar passage, and between full-time and part-time jobs.
But apparently the American Bar Association isn’t interested in helping people understand these outcomes on a school-by-school basis. The ABA doesn’t want you to know how schools fared in finding full-time legal employment for graduates of the class of 2010.
That’s right, the same folks who claimed just two short months ago that “no one could be more focused on the future of our next generation of lawyers than the ABA,” will now be removing those helpful job characteristics from the 2011 Annual Questionnaire….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: